5 Steps To Perform Your Market Analysis

To perform your market analysis, you need lots of information including information about your competitors, product, market environment, pricing, distribution, target market, and more.

I write about many of these topics on my blog, but specialize in market segmentation and gathering target market information. So I want to share with you how to do a free target market analysis that takes only minutes.

Step 1: You Need Demographics To Perform Your Market Analysis

First you must identify the best potential customers for what you sell. Then you need to know five major demographics for your target market:

1. Age provides generation and life stage characteristics.

2. Gender provides marketing appeals that differ between men and women.

3. Education provides social class and lifestyle characteristics.

4. Occupation is the best predictor of social class.

5. National origin, or race, provides characteristics that differ by culture.

Now this information is sometimes difficult to locate, particularly if your business is Internet based. But I recently discovered a site that provides age and gender demographics by keywords. You’ll be surprised at how many marketing characteristics you can learn from just these two demographics.